How to Check Which Funds Are Open
Since the property and capital transfer routes closed under Lei 56/2023, the fund route has become the practical way most applicants qualify. Verifying that a specific fund is genuinely eligible and open is a due-diligence exercise, not a matter of taking a promoter's word for it.
This article does not name or rate individual funds. It sets out how to check, for any fund being proposed, whether it is properly registered, whether it is eligible for Golden Visa purposes, and whether it is actually accepting new subscriptions.
Confirming CMVM registration
Portuguese collective investment undertakings and their management companies are registered with the Comissão do Mercado de Valores Mobiliários (CMVM). Before considering any fund, its registration and that of its management company should be checked directly against the CMVM register rather than relying on marketing material. A fund that cannot be found on the register, or whose manager cannot, should not be treated as eligible.
Confirming Golden Visa eligibility
Registration with the CMVM is necessary but not sufficient. Eligibility for the Golden Visa fund route depends on the fund meeting the specific conditions set out in Lei 23/2007 as amended, including requirements on the fund's investment focus and structure. These conditions have changed over time, most significantly through Lei 56/2023, so eligibility should be confirmed as current at the time of subscription rather than assumed from historic marketing claims.
Subscription windows and closed-end structures
Many qualifying funds are structured as closed-end vehicles with a defined subscription period, after which the fund does not accept further capital until, if ever, it raises again. A fund being 'open' therefore refers to a specific, time-limited window rather than a permanent state. Confirm directly with the fund manager whether the fund is currently accepting subscriptions, what the subscription deadline is, and whether there is any minimum or maximum commitment.
Documents to request before subscribing
- The fund's prospectus or offering document, describing its investment strategy, structure and risks.
- The management regulation (regulamento de gestão), which sets out the fund's governing rules.
- Recent audited accounts or financial statements for the fund, where the fund has an operating history.
- Confirmation of the identity and CMVM registration of the management company and, where applicable, the depositary.
- Written confirmation from the manager of the fund's Golden Visa eligibility status and its current subscription position.
Eligibility warnings
Some funds are not open to investors from certain jurisdictions because of the fund's own regulatory or tax position. In particular, many Portuguese funds are not offered to US persons because of the compliance burden associated with US tax reporting obligations; whether a given fund accepts US persons must be confirmed directly with the fund manager. Applicants should also check any other nationality- or residency-based restrictions that a particular fund applies.
None of the above amounts to investment advice or a recommendation of any fund. Fund selection carries investment risk, including the possibility of loss of capital, and should be made only after independent review of the fund's own documentation and, where appropriate, advice from an independent, regulated financial or tax adviser.